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Wajeeh Khan

RIVN Stock Sinks as Rivian Announces 75 Million-Share Offering

Rivian RIVN Rivian Automotive Barchart

Rivian Automotive (RIVN) is under immense pressure on Tuesday after the electric vehicles (EV) specialist announced a massive public offering of 75 million new shares.

The selloff drove RIVN closer to its 20-day moving average (MA), with a decisive break below the $16.37 level expected to accelerate bearish momentum in the near term.

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